Bendigo Accounting & Finance Blog

The latest budget is election friendly, with a focus on jobs, cost of living, home ownership, and health.

The end of March is the financial year end for Fringe Benefits Tax (FBT) and all businesses are required to lodge FBT returns by 23 May, unless you lodge electronically through Lead Advisory, in which case you have until 27 June 2022. 

Just like everything else to do with COVID, the rules keep changing around tax and government payments. It has been announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers, if purchased for work purposes.

The ATO recently updated its guidance on cryptocurrency and it is not surprising that they are looking to ensure that those who have blockchain assets are paying their taxes.

The Australian Tax Office has introduced Director Identification Numbers (Director IDs or DINs), which are being managed through the Australian Business Registry Services (ABRS) as of 1 November 2021.

The Australian Tax Office is implementing a new requirement on businesses with regard to employees' super funds. As of 1 November 2021, businesses will have an extra step to take for new employees who don’t choose a super fund, requiring that the individual's ‘stapled super fund’ details are requested from the ATO. A stapled super fund is an existing super account of an employee which follows them as they change jobs.